Bitcoin explodes in South Korea as its banks and government are all turning to crypto, at least this is what Google trends show and we read more about it in the latest cryptocurrency news.
For the past week, South Koreans have been getting their hands on bitcoin more than ever. The google trends charts for Bitcoin searches for the last week can show you the exact same thing. There is also a pattern forming if you take a look at the high points. The searches reached a peak at the same time every day. By looking at the Google Trends chart for South Korea, you can see that at 7 AM almost every day for the past week, bitcoin searches reach their peak. It looks like the people of the country are waking up thinking about bitcoin or reading about it on their way to work in the subway or on the bus.
The country has about 50 million people and is a major high-tech hub that’s huge on consumer electronics and global innovation. This is one of the reasons why bitcoin explodes in the country and the interest keeps on increasing for other cryptocurrencies as well. South Koreans have had a big appetite for bitcoin for a long time now and they have even paid above the market price for the Kimchi Premium.
According to a report by the Cindicator intelligence firm, the recent regulation and the crypto exchange industry but also the country’s history and culture are all major factors when it comes to mass bitcoin adoption and acceptance. In fact, as we mentioned in the altcoin news previously, South Koreans make up to 30 percent of total cryptocurrency trading globally. Also, more than 30 percent of workers in the country have their salaries in crypto assets and trade with a varying degree of frequency.
The government also allocated about $880 million in order to work on blockchain development since the beginning of the year, creating a perfect climate condition for Bitcoin adoption. Moreover, the largest bank by assets in the country KB Kookmin announced a couple of days ago that it will develop its own custody solutions and potentially create their own cryptocurrency.
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"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
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“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”The tweet also claims that - as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for crypto innovation. Another tweet notes:
"1/ Last week Coinbase Custody CEOA month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that its custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion - it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark. Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement. Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.
@sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
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